Philippine Deposit Insurance Corporation (PDIC) convened members of the Pampanga Bankers Association and Pampanga Federation of Rural Banks Inc. to boost initiatives on financial inclusion.
It primarily aims to strengthen partnership between the government-owned firm and banking community in the province towards building the public’s robust depositor confidence.
In a statement, PDIC disclosed that salient provisions of the amended charter were discussed to the attendees including enhanced authority to adjust the coverage of deposit insurance, if warranted.
“We also discussed our roles in supporting the banking community by working closely with member-institutions of the Financial Stability Coordination Council to mitigate systemic risks through timely macroprudential policy intervention,” the state firm added.
It also committed to ensure a more effective coordination with Bangko Sentral ng Pilipinas to where it is now attached for policy and program coordination.
“As one of the pillars of the country’s financial safety net system, we regularly conduct consultation meetings with various stakeholder groups nationwide to engage them as partners in promoting depositor protection and stability,” PDIC furthered.
Meanwhile, it called on the banking community to maximize the partnership through relevant information-sharing, participation in PDIC programs, consultations, and dialogues, as well as the sharing and promotion of PDIC-produced multimedia tools to encourage the habit of saving in banks.
PDIC is the state deposit insurer that protects depositors through deposit insurance of up to P500,000 per depositor per bank.
It is also involved in bank risk mitigation activities and the receiver of closed banks.